HCM City seeks 1.66b USD to build affordable housing for workers
Ho Chi Minh City authorities are seeking 37.6 trillion VND (1.66 billion USD) to build affordable housing for workers over the next five years, of which State revenue will account for no more than 5 percent of the total investment, according to the Department of Construction.
A social housing development in HCM City. The city is seeking 1.66 billion USD of investment to build affordable housing for workers over the next five years. (Photo: baodauthau.vn)
Ho Chi MinhCity (VNS/VNA) ꦦ— Ho Chi Minh City authorities are seeking 37.6trillion VND (1.66 billion USD) to build affordable housing for workersover the next five years, of which State revenue will account for no morethan 5 percent of the total investment, according to the Department ofConstruction.
According to a department proposal for 2021-25, the citywill need 800.9ha for commercial housing and 173.5ha for social housing ata cost of 239.7 trillion VND and 937.7 trillion VND, respectively. The proposal calls for an average housing area perperson of 23.5 square metres by 2025 from the current 20.65 square metres. Under the proposal, the city will build more than 18,000affordable apartments to meet the needs of workers over the next five years. Speaking ata recent meeting, Secretary of the HCM City Party Committee Nguyen VanNen said the city planned to build 1 million affordable units toreplace aging and low-quality housing for low-income people. He said it would provide land toenterprises to build housing near industrial parks and export processing zonesfor the workers. Thu Duc City last month began a social housing projectwith 1,000 apartments worth 1.2 trillion VND as part of the city’s planto build one million affordable units for workers. About 1.3 million workers and labourers in the city needhousing. Most of the workers live in rented rooms and spend 10-15 percent oftheir income to pay for rent, the department said. The average worker’s housing area is only 14 squaremetres, costs 1.6 million VND to rent, and is often shared by four people. According to statistics from the department, the city hasbuilt 15 housing projects for workers, covering 47ha, since the endof 2019. The number remains modest compared to the housing needsof millions of migrant workers in the city. The biggest challenge inbuilding social housing for workers is the lack of capital and land./.
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A social housing development in HCM City. The city is seeking 1.66 billion USD of investment to build affordable housing for workers over the next five years. (Photo: baodauthau.vn) 
